Egypt and Germany inked grant and debt swap agreements totaling some EUR 77.3 mn to fund development projects in a number of sectors, according to a Planning, Economic Development & International Cooperation statement.

A fruitful Egyptian-German Cooperation Day: The agreements came during the first Egyptian-German Cooperation day, which was held yesterday.

Germany will provide us with a EUR 48.3 mn grant for the Comprehensive TechnicalEducation Initiative, some EUR 16.3 mn will go towards technical support for the second phase of the program and EUR 32 mn will be in financial support for the program’s second phase. The funding will be directed towards building renovations, setting up green facilities, and equipment upgrades for three technical education centres.

The two sides signed a EUR 29 mn debt swap agreement, under which Egypt will use EUR 29 mn owed to Germany to support health, education and nutrition services for vulnerable groups. The funds will go to ministries of social solidarity, health, and education, as well as the UNICEF and World Food Program.

We’ve heard quite a bit about Egypt-bound investments coming from Germany recently, including a EUR 1 bn direct reduced iron factory courtesy of industrial manufacturer SMS Group, a EUR 30 mn flame-resistant material factory from advanced textile material producer Belchem, a A EUR 5 mn first phase of a bicycle parts factory spearheaded by German bicycle manufacturer Cube, and a factory by auto parts manufacturer Mutares Group that came to light during Investment Minister Hassan El Khatib’s trip to the country late last month.

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